Cardiff-based Coincove has raised $9.2m in a new funding round led by Element Ventures.
Coincover, a platform providing protection and insurance-backed guarantees for cryptocurrency investors, has raised $9.2m in Series A funding.
A key problem for crypto investors, particularly retail investors, is the potential to lose or have stolen smartphones or computers holding assets or the keys providing access elsewhere.
Cryptocurrency is typically held in digital wallets, protected by private keys, or in offline, cold wallets which could be a paper wallet, USB or hard drive. If a cold wallet is lost, or an investor forgets their private key, access to the digital coins can be lost forever.
Coincover says it helps drastically lower this risk through theft cover and “military-grade technology” helping to recover access to lost funds. It says it is also the only company to offer cryptocurrency theft cover with a policy underwritten by Lloyd’s of London.
The Cardiff-based business was founded in May 2018 and now counts a number of high profile crypto firms such as BitGo, Curv and Fireblocks with its platform to protect crypto users and investors for issues such as theft, user error and infrastructure failure.
Element Ventures led the round, along with participation from DRW Venture Capital, CMT Digital, Avon Ventures, Valor Equity Partners, FinTech Collective, “Susquehanna Private Equity Investments, LLLP”, Volt Capital and the founding investors, Insurtech Gateway Fund and The Development Bank of Wales
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